Elder Law and Estate Planning Attorney
It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a Read More …
The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by “stretching” distributions over many years. (Read our post, SECURE Act Increases Tax Read More …
A number of tax proposals being considered in Congress could significantly affect gifting and estate plans for those with larger estates — over $3.5 million. If you’re in that category, you might want to meet with your estate planner to take Read More …
Summer is winding down and if you are one of the lucky ones, you got to spend some time at a family vacation home. How do you make sure your children and grandchildren can enjoy that second home as much Read More …
Wondering how to avoid, or reduce, the estate tax? With the federal estate tax exemption possibly about to be lowered, many find themselves thinking about steps they can take to pass as much wealth onto their heirs and keep their Read More …
After a Medicaid recipient dies, the state must attempt to recoup from his or her estate whatever benefits it paid for the recipient’s care. This is called “estate recovery.” For most Medicaid recipients, their house is the only asset available, Read More …
Most people want to pass their assets to their children or grandchildren, so should you name a minor as your beneficiary? No. Naming a minor as a beneficiary can have unintended consequences. It is important to make a plan that Read More …
Do you have a will? A durable power of attorney? A health care proxy? If so, no reason to read on. If not, why not? Failure to create an estate plan risks causing discord in your family for generations to Read More …
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may. Read More …
A new survey has found that motivated in part by the coronavirus pandemic, younger adults are now more likely to have a will than middle-aged adults. Nevertheless, the overall percentage of Americans with a will has dropped over the past Read More …
Vermont senator Bernie Sanders (D) has introduced legislation that would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy. Taken Read More …
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way Read More …
While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan. A will is a legally-binding statement directing Read More …
While it remains unclear exactly what tax changes President Biden’s administration will usher in, a new administration usually means that tax code changes are coming. Two possibilities are that the new administration will propose lowering the estate tax exemption and Read More …
A New Jersey man has been charged with stealing $330,000 from the special needs trust (SNT) of a man living in a long-term care facility. The case highlights the importance of having a professional trustee manage a special needs trust. Read More …
Don’t assume your estate will automatically go to your spouse or that your spouse is automatically protected when you die. Consulting with a good estate planning attorney will make sure you have all the estate planning documents you need. If Read More …
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper long-term care planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can Read More …
If you’re planning to move to another state, tell your estate planning attorney. There are a number of components making up your estate planning and long-term care planning that could be effected. Previous posts: Does My Living Will, or Advance Read More …
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. Because life insurance passes outside of probate, it can also provide heirs needed funds more quickly than assets passing through Read More …
Whether you have a dog, cat, pig, bird or reptile, pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. While Read More …
